While the basics of data modernisation are simple to grasp, there’s a layer just beneath having updated data from which to make the best decisions. “With the speed of communications today, the last thing any company needs is to be caught wanting in the accuracy of their data.”
So says Stuart Pearce, MD of TD Global, adding that inaccurate information can be as damaging to a company’s reputation as a data breach. “In the modernisation process, your data needs to undergo a thorough review to ensure compliance with regulations that apply to your own industry and many others.
“This means not only reviewing your legacy data carefully with a ‘legal eye’ but maintaining all data to ensure it meets global standards of law, governance, good business practise, privacy and value to your clients and theirs.”
To unlock potential growth, says Borcher, your data must not only be ready to do business now, but also in the future. “We know certain regulations like the Protection of Personal Information Act (PoPI) and GDPR are coming for some time now, and to bepart of digital transformation and modernisation is not just to ensure current compliance, but future compliance too.”
IoT growth and data as currency
Data is the new business currency, with experts like Gartner predicting $2.5-million per minute in IoT spending and 1-million new IoT devices will be sold every hour by 2021. “This leaves no room for outdated data,” Borcher says, urging companies looking to accelerate their potential business and profitability not to wait until the last minute to ensure their data is, indeed, valuable.
“You must not only to ensure clean data, but also deploy a team of employees who are able to pick up anything that may dirty your data – such as non-compliance with laws; understanding how way data is presented affects analytics; and being able to access and update that data immediately.”
With reputations being made and broken with speed in a digital era, it is worth spending as much time and resources as you can to ensure your data is business-ready. “TD Global’s services optimise the value of data, ensuring accurate decision making at all levels.
“We assist our clients to understand and employ their data in a seamless chain of business imperatives and, importantly, assist them in maintaining the value of their data asset in their daily business operations, so they can pivot to market demands with speed and accuracy resulting in improved profitability and a business which is future ready,” Borcher concludes.